The Definition Of Madness

The definition of madness.

What is it they say? A change is as good as a rest?  We know, and tell our nearest and dearest, if you are stuck in a rut and unhappy with the direction your life is taking you should change it.

The same applies to marketing your house, yet we are often led to believe that if you have had your house on the market, sitting it out or changing agents will make all the difference.  It wont. The fact is, buyers know you are on the market, they may have viewed your home already, there is a reason why they haven’t made and offer.

Richard refers to this as The Definition of Madness and explains here the moment the penny dropped for him

16 years ago I was promoted to be a Branch Manager within the countrywide group, I had been an estate agent for three years and this was my first chance to really make a mark in my career. I was extremely fortunate to have a great Area Manager and Managing Director, who, as well as believing in me, were extremely experienced and capable people who knew exactly what was needed to be successful.

I remember a particular house I was struggling to sell and my Managing Director asked me why we hadn’t sold it, I answered that it was a bit far out of town, the rooms were a little small and it needed some work doing to it. He asked me how many viewings I had had on it so far and I think we had had about 20. He looked at me and said, “Richard do you know what the definition of madness is?” “No” I replied, slightly confused as to what he meant. “The definition of madness is to do the same things and expect a different result.” He continued “You have had 20 viewings and not a sniff of an offer and your strategy is to keep doing what you have already done that so far hasn’t worked?”

He asked “What can you change?” I was a little at a loss, I couldn’t change where it was or the decoration or the size of the rooms. I shrugged. He then said to me, the most important words I ever heard throughout my career. 

He said “Richard, there are two things you can change when it comes to marketing houses. You can change how its marketed or you can change the price. Twenty people have viewed the house and that means your marketing must be very good, but not one of them has made an offer. They have all told you reasons why they think they can get more for their money elsewhere.” He continued, “Always remember when ever someone gives you a reason why they don’t want to offer on a house what they are actually saying is, for that price I can get closer to town, or for that price we can get bigger, or for that price we think we can get something more finished. 

The buyers are basically saying, this type of house is selling elsewhere for less and they can get more for their money, and that is the only reason why this house hasn’t sold”.

I was speechless I recall, it was so obvious, I felt very stupid.  That afternoon I went and shared this new paradigm with my sellers, they immediately accepted the advice, in fact, they had pretty much come to that conclusion based on the feedback and just needed me to tell them what they all ready knew. We adjusted the price, I think at the time by about £7,500 and we sold it within a week. The sellers were over the moon and I had truly begun to become successful in my job.

Albert Einstein was truly right in his famous quote “The definition of insanity is doing the same thing over and over again, but expecting different results” 

Understanding this has been key in Saxon Shore so quickly becoming the leading estate agent for sales in Faversham.  Richard ensures the prices are correct and the communication is spot on.  Whilst I focus on unique marketing, and understand that there is so much more to show casing your home than simply putting a board outside and putting it onto the property portals.